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International oil market review March 3, 2015
Number of visits：76
Date：2021-09-30
On Monday, U.S. crude oil futures fell, as investors continue to worry about rising oil prices are in excess supply, gave up early gains.
The New York Mercantile Exchange in April delivery of light crude oil futures fell 17 cents to $49.59 a barrel, down 0.3%. Crude oil futures rose to $51 / barrel above, due to a concern is expected to say an important crude oil inventory center crude oil supply last week, or less than expected.
London Intercontinental Exchange (ICE) Brent crude oil futures fell $3.04, to $59.54 a barrel, down 4.9%, the largest single day decline since February 4th. February Brent crude oil futures prices rose 18%, since 2009 the biggest monthly gain since May, because of the deteriorating weather led to Iraq, Kuwait and Russia's crude oil exports are expected to decline, but these exports as the weather improved and will return to normal.
Today Brent is also speculation investors plunged Iran nuclear talks agreement will be reached, it may cancel the sanctions on Iran and improve the country's exports of crude oil, which is once again worried about the excessive supply of crude oil. In addition, Libya crude oil production continued to rise and the dollar strengthened, but also to Brent crude oil pressure.
Genscape, a data service agency, said crude oil inventories in Cushing, Oklahoma, have recently climbed 1 million 390 thousand barrels. According to the U.S. energy information administration was informed that Cushing's supply rose for the 12 consecutive week, usually within a week to climb more than 2 million barrels. Cushing is the delivery point of the New York Mercantile Exchange crude oil futures contracts, so the U.S. crude oil prices are sensitive to Cushing's supply level.
In recent weeks, traders increasingly worried about Cushing's capacity may be filled, and the Genscape mechanism are given the lower than expected growth to alleviate these concerns. However, traders are still expected last week, U.S. crude oil supply rose to a new record level.
According to data released by the U.S. Department of Energy Intelligence (EIA) data released Friday, 2014 U.S. crude oil production rose 1 million 200 thousand barrels per day. The U.S. crude oil inventories at the highest level for 80 years, analysts expect the stock will continue to rise in the next few weeks, due to seasonal maintenance of refineries in the next few weeks, the number of processed crude oil has declined.
Analysts are wary of signs of a drop in output, and the price of oil is likely to fall again before the rally. In addition, analysts said, had assured Brent and WTI crude oil price will be widening traders locked in profits on Friday between the two kinds of crude oil price above $12 a barrel, by Monday, U.S. crude oil futures buying and selling futures Brent effect.
Rumors that Iran and the West will be more than expected earlier to reach a nuclear agreement. Iran foreign minister Zarif said that if the United States and other western countries have sufficient political will and agreed to withdraw sanctions against Iran, the Iran nuclear agreement may be reached this week.
Analysts believe that if the revocation restrictions, Iran can quickly upgrade the oil sales, its crude oil exports increased by more than 1 million barrels per day. Last week, the survey shows that in February the total oil production in Iran is expected to about 2 million 800 thousand barrels per day.
Data show that Libya crude oil production from 363 thousand barrels per day in January rose to more than 400 thousand barrels.
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